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Lowe’s Q3 profit up; raises forecast
Mooresville, N.C. -- Lowe's Cos. net income rose 26% in the third quarter, just short of projections, amid the housing market's ongoing resurgence. The retailer raised its fiscal 2013 outlook, but its earnings forecast was still below expectations.
Lowe's earned $499 million for the period ended Nov. 1, up from $396 million last year. Its earnings were a penny per share short of Wall Street expectations.
Revenue rose 7% to $12.96 billion from $12.07 billion, beating analysts’ predictions. Same-store sales increased 6.2%.